Gold Breaks Below The Key $1,800 Level

GOLD

Gold tested support this morning and broke down below the key $1,800 level. At that point, floor traders short-sold the market and then covered those short sales in the $1,780 to $1,785 area. The Gold price then started moving higher on excellent volume. Gold could stay in the $1,780 to $1,800 trading range for a very short period until the next move back above $1,800. At 11am PT today, Gold is trading at $1,795 per ounce, down $15 on excellent volume.

SILVER

Silver followed Gold lower today, reaching a low of $23.83 before finding massive bargain buying. Silver then quickly moved back above the important $24 resistance/support level. At 11am PT today, Silver is down $0.49 per ounce, trading at $24.14 on excellent volume.